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Can the executor take a fee for the amount of life insurance benefits and annuities?
Wiki User
∙ 12y ago
The answer will depend upon the laws of the state that has jurisdiction over the probate, and the manner in which the insurance/annuities were titled:
1. The probate law of the state will generally dictate how the executor may be paid in the absence of a provision in the Will addressing that. The court will rely upon what it determines as "reasonable", taking into account the size of the estate, the complexity of the issues involved, and other factors.
2. If the insurance/annuities were payable to the estate as beneficiary, and therefore became part of the estate, a stronger argument would exist to allow the executor a fee for their collection. In contrast, if they were payable directly to a named beneficiary, the executor would not have much involvement in their collection and it would be hard to justify a fee.
Wiki User
∙ 12y ago
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How annuities work?
Annuities have been described as reverse life insurance policies. You pay a large amount to your insurance company to start it and will receive small cash amounts over time. It's the opposite of insurance.
Can the executor get the amount of the life insurance policy?
NO.. unless the policy does not have nomination. Only nominee will get the proceeds of life insurance policy.
What exactly are insurance annuities?
An insurance annuity is when a seller makes payments to a buyer for payment of one large amount of money. You usually would go through a bank to get this process going.
The required initial amount you pay before your receive insurance benefits is called the?
its called the deductible. ask an insurance company about it.
What are fixed annuities comprised of?
A fixed annuity is an annuity that pays a fixed amount of interest, defined by the terms of the contract. It is comprised of the money that you put in and the interest the insurance company provides in exchange.
Is life insurance policy amount guaranteed the amount when the agent walks out the door?
Usually the first two years have limited benefits.
What is the Maine executor fee?
There is no set Maine executor fee. It is up to the executor and the court to decide a reasonable amount for a fee.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
What is gross social security?
The gross social security benefits that you receive before any deduction for insurance or other deductions that are withheld from your gross benefits before your net amount is reported in the Box 5 of the SSA-1099 for the year. Gross monthly amount 800 less insurance 100 net amount 700.
Does an executor of a will get compensated?
The executor of a will is entitled to fair compensation. The amount needs to be reasonable and well documented. The probate court also has to agree that the amount is fair.
Will having life insurance affect survivorship benefits from Social Security?
No, having life insurance does not affect survivorship benefits from Social Security. Survivorship benefits are provided by the Social Security Administration and are separate from any private life insurance policies. The receipt of life insurance benefits does not impact the eligibility or amount of survivorship benefits from Social Security.
Will soon be a beneficiary of a funeral insurance policy that was not discovered until after funeral had been paid in full Is amount taxable?
Life insurance benefits are typically not taxable.
